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The Kingfish Company (KING) investor relations material

The Kingfish Company H1 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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H1 2025 earnings summary4 Sep, 2025

Executive summary

  • Sales volume increased 41% year-over-year to 1,301 tons in H1 2025, with revenue up 31% to €17.0 million, driven by a new commercial strategy and expanded distribution.

  • Revenue per kg declined to €13.1 from €14.3 in H1 2024, reflecting a shift in sales mix, promotions, and increased frozen sales.

  • Achieved better alignment between production and sales volumes, optimizing farm operations and completing a biomass reduction plan.

  • Scaled back fresh sales in the US due to tariffs, unfavorable exchange rates, and high logistics costs, but continued frozen sales and maintained long-term US commitment.

  • CEO announced retirement at year-end; board is searching for a successor.

Financial highlights

  • Gross margin per kg dropped to €1.7 in H1 2025, impacted by lower prices and higher farming costs.

  • Operational EBITDA per kg was -€2.0, showing improvement from -€3.0 in H1 2023 but down from -€1.1 in H1 2024.

  • SG&A cost per kilo decreased to €3.6, with G&A costs down 6% in absolute terms and 33% per kg year-over-year.

  • Liquidity at €15.3 million, including €10.3 million in cash and €5.0 million in available facilities.

  • Operating cash outflow was €3.6 million; farm capex totaled €0.9 million; €14 million equity raised in H1 2025.

Outlook and guidance

  • H2 2025 expected to benefit from higher sales volume, price recovery for large-sized fish, and operational improvements.

  • Breakeven on EBITDA now anticipated in early 2026, contingent on continued biological performance improvements.

  • Targeting farming costs of €7 per kilo (excluding depreciation) within the next few quarters.

  • Full normalization of FCR and further cost optimization targeted within 2–3 quarters.

  • Continues to evaluate timing of expansion plans in the US and Netherlands.

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Frequently asked questions

The Kingfish Company N.V. specializes in sustainable seafood production through land-based aquaculture. Using advanced recirculating aquaculture system (RAS) technology, the company focuses on producing high-quality Yellowtail Kingfish, known for its versatility in various culinary applications. The Kingfish Company prioritizes environmental responsibility, using seawater and renewable energy sources like wind and solar power in its operations, and ensuring antibiotic-free production. The company's primary markets include Europe, and it is expanding into the U.S. with plans for further capacity growth. The company is headquartered in Kats, Netherlands, and its shares are listed on the Oslo Stock Exchange.

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